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Causas de la cesación de pagos de la deuda soberana de Venezuela.
Causes of Venezuela’s sovereign debt default
DOI:
https://doi.org/10.15446/cuad.econ.v43n92.101981Palavras-chave:
Deuda, Gestión de deuda, Deuda soberana, Incumplimiento de deuda soberana (es)Debt, Debt Management, Sovereign Debt, Sovereign Debt Default (en)
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En Venezuela se dieron varios fenómenos que suelen preceder la cesación de pagos soberanos según la literatura. Entre ellos, se pueden contar la volatilidad del crecimiento económico, el desplome de la actividad y la desalineación del tipo de cambio real —desequilibrio que generó la apreciación del bolívar debido a la paridad fija establecida—. En este artículo, se valida que la debilidad institucional parece ser un determinante del impago de la deuda, situación que se dio después del mayor auge de precios del petróleo del que se tenga registros. El país entra a ser definido como deudor serial debido al incumplimiento periódico de sus obligaciones.
In Venezuela several phenomena materialised that usually precede sovereign debt default according to the literature. Among them, are the volatility of economic growth, the collapse of activity and the misalignment of the real exchange rate, an imbalance that generated the appreciation of the bolivar due to the established fixed parity. In this article, it is validated that institutional weakness seems to be a determinant of debt default, a situation that occurred after the biggest oil price boom on record. The country came to be defined as a serial debtor due to periodic default on its obligations.
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